The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1887-05-12
Ended in Gas.
the COMMISSION D1sAGnEEs AND ADIouRSs.

THE COMMISSION D1SAGREEs AND ADJoURSs.
The conference between Sir Edward Thcrr-
ton and Mr.. Braithwate, ON the .one part and
tho legislative committee on the other, was
brought to o conclusion on Monday.
The gist of the last proposition made by the
bondholders was that they should have q prin.
cipal sum of s2s Ss7 90.
This amount was reached by deducting fr5m
the debt of the state the Riddleberger bonds
bonds held by the literary fund amounting to
$l.79OOO the bonds held by the Board of Pub
lie Works, amounting to 2,OoO; the dent due
the United States Government, amounting to
Sl,S00000 principal and INTEREST,": and the fur
ther deduction of 50 900, being per cent Of
| the States debt, the evidences of which, they
| claimed, had been lost, and for which no de-
mand would likely be made in the future.
| These sums aggregated 81 $40 COO, which added
| to the principal claimed by them, aggregated
| the sum of 3d., 1895. 000
| In addition. they demanded in cash from the
State the sum Of $1.002.00 being 40 per cent. OF
60 per cent of the arrearages of interest on the
| consol and l0-40 debt. They also demanded
| that the new bonds should be eIenlpt from all
| taadfion- state, county. and corporation-the
| coupons tax-receivable: that all expenses in
cured or to be incurred in connection with the
pi eSant negotiation and settlement to be paid
/ by the State, and that at the expiration of two
| years no bonds should he funded by the State
| except by consent of the Council of Foreign
| Bondholders.
To these propositions the joint committee re
| sponded in substance as follows:
That the propositions from the Commission
were wholly unsatisfactory, and would be re :
iected by the people; but the committee, stilN
| anxious to reach an agreement, presented as
an fliinat1iH on their part that the princip of
| the debt be fixed at Sc. 900 900 approx mately,
| to be capitalized upon some terms hereafter TO
| be agreed upon, and to In clude all bonds held
by the State, the new bonds to run for fifty
| years at per cent, redeemabe at the pleasure
| of the state after ten years. and the question OF
security to be left open for negotiations.
] After the receipt of this communication from
| the joint committee the Commission modified
| their propositions only so far as to exclude the
/ bonds held by the Sinking Fund Commission
| ers amounting to 81 .l79.000-proposing that such
| part of the annual interest charges of $S06 900,
/ and further emphatically declaring to the Joint
| committee that they declined, once and for all
| any negotiation that would involve the reduc-
ton of the capital OF the cOnsol and 10 10 bonds
so as to bring the total amount of the debt with
and forwarded to the Commission at their
| quarters at the Exchange Hotel, the following
| preamble and resolution:
| Whereas, the Commission on the part of the
| tOreigN bondhoders have stated to this COM
-mittee that they. in substance, adhere to the
proposition made by the joint committee and
declare the former as til cir ulttatatna, therefore
| be 1T
| ReSOfued, That 1t be communicated to the
Comm ssiOn of the Council of Foreign Bond
| holders that, in the opinion of the joint conn
mittee further negOtiaJions.Wll not tend to IL
| nal agreement. and that we feel constrained so
| to report to the General Assembly.
| 1t is stated by the Democratic papers that ev-
| erything looked lovely up to Monday afternoon
when the bondhoders came under the maiign
influence Of Malone, and the whole thing was
| Knocked into pi. "A pretty excuse for a Govern
or and Legislature to make to the people.